The volume of mortgage requests last week fell 26 percent from the prior week. Of last week's requests, 35 percent were for refinance loans, 63 percent were for purchase loans and 2 percent were for home equity loans. The prior week, 43 percent of requests were for refinance loans, 55 percent were for purchase loans and 2 percent were for home equity loans.

On Monday, rates for 30-year fixed purchase mortgages were even higher, with the average rate on Zillow Mortgage Marketplace at 5.06 percent. For current, up-to-the-minute rates, visit www.zillow.com/Mortgage_Rates/.

The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates for conforming loans quoted on Zillow Mortgage Marketplace by mortgage lenders to borrowers who have submitted loan requests. State-level data is gathered for the top 20 states with the highest quote volume on Zillow. Learn more about our rates.